Mining. Technical and philosophical concepts
Due to the delay, such a thing as mining appeared. At the moment, there are quite a lot of different cryptocurrencies, approximately 4,500 types. There is a problem that it will not be difficult to create a new cryptocurrency, because of this there are a lot of different types that do not carry any significance and are created by scammers. That is why you need to analyze this market well and only then start mining coins.
Each coin have its own creator, or maybe even more than one. Who have their own goals and plans. For example, many cryptocurrencies appeared due to the invasion of people who bought themselves ASIC farms. In order to return the decentralized blockchain to people.
As time passed, the debate intensified about what a real good cryptocurrency should be. Opinions were divided between the fact that the cryptocurrency should remain old and be based on the original ideas of its creator. Or is it still better to keep up with the times. At the end of the disputes, a bitcoin fork of Bitcoin Cash appeared. The maximum block size of which has been increased from 1 MB to 32 MB.
After the appearance of ERC-20, which became the second cryptocurrency on the market, a lot of cryptocurrencies came to the influx. Many of them were the projects of scammers, but despite this, about 800 full-fledged serious projects appeared.
Those who need a stable passive income believe that mining is a profitable and excellent kind of earnings. However, before buying a video card, you should understand all the risks. And also remember that cryptocurrency is not allowed in all countries.
How to start mining?
Before you start mining, you should think about everything. Such a desire requires a lot of investment. Even to start, you need not a small start-up capital. After buying a video card, the difficulties will not end, for example, electricity prices will not please you.
You need to choose a cryptocurrency.
Factors to consider when choosing:
Hashing speed of your hardware
The real complexity of mining
Commissions and the cost of cryptocurrencies
Types of cryptocurrencies for mining:
- Bitcoin Cash;
To begin with, you need a powerful machine such as a computer so that it can perform complex tasks and mathematical calculations with the help of which codes are distributed. The main component is a video card. The more powerful the greater the probability of success.
The computer will do all the work for the person. Mining is a rather risky type of earnings that requires constant investments.